“We believe carrier upgrades in Europe and North America may drive wireless infrastructure stocks, including Nokia, to move higher,” the analysts added.

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Nokia’s may use its new cash to add more scale, services or software through acquisitions, with the analysts saying they believe “Nokia is investigating bolstering its patent portfolio to ensure it can build upon its annual receipt of €500M ($663 million).”

RBC Capital Markets also said Nokia’s quick decline in mobile market share is “now a problem for Microsoft” and Nokia can focus on expanding its LTE network footprint.

Nokia peaked at about 468 million mobile devices shipped in a year. This year, the company is expected to ship just 242 million units.

Shares were recently trading 25 cents higher at $5.91. As of Tuesday’s close, the stock was already up about 43% so far this year.